Professor Francesca Clara Villata

Since graduating, F.C. Villata has chiefly carried out her research activity in the area of private international law. Her studies started off by defending (when graduating from Law School in October 1995, 110/110 summa cum laude) her dissertation on Corporations in Private International Law, in which she focused on the detection of the optimal connecting factor when searching for the lex societatis. Her conclusions have led her to determine the most appropriate connecting factor in the incorporation criterion: this very same conclusion has later been asserted in by the Italian legislator in the Law Reforming the Italian System of Private International Law (Law No 218/1995). In her further scientific activity, F.C. Villata devoted herself to the study of the law applicable to mergers of undertakings, shedding the light on the difficulties arising in the coordination between governing laws of the involved undertakings and offering a new construction of Art 25, alinea 3 of Law No 218/1995 – which provides on mergers of undertakings with seats in different States – founding her new interpretation on the coincidence between the connecting factor of incorporation and the one of the seat (Spunti di riflessione a margine di una recente giurisprudenza onoraria in tema di fusione internazionale [A Few Remarks on the Recent Honorary Case-Law on International Mergers], in Diritto del commercio internazionale, 1, 2001, p. 77 ff.).

She furtherly carried on her scientific activity by exploring the connections between (i) the choice expressed by the EC legislator in Council Regulation (EC) No 2157/2001 of 8 October 2001 on the Statute for a European company (SE) of the relevant connecting factor between the European company and the respective State of origin, (ii) the alternative models of corporate governance allowed by this same regulation and the demands of protection of the stakeholders’ substantial interests connected to the theory of the corporate social responsibility (Societas Europaea (SE), diritto internazionale privato e tutela degli stakeholders [Societas Europaea (SE), Private International Law and Stakeholders Protection], in Rivista di diritto internazionale privato e processuale, 3, 2004, p. 901 ff.; Può uno "hobbit" portare l'Anello sul Monte Fato? Lo statuto della Società europea alla prova [Can a Hobbit Carry the Ring on Mount Doom? ], in Giuseppe Conte (ed.), La responsabilità sociale dell'impresa, Laterza (Bari), 2008, p. 161 ff.).
While devoting her scientific activity to corporations in private international law, F.C. Villata worked on the compilation of her PhD dissertation on the conflict of laws in negotiable instruments. With the introduction of a specific provision dedicated to such issues in the Law Reforming the Italian System of Private International Law (and namely Art 59) the need had arisen for a specific and unified study on the detection of the law applicable to bills of exchange, promissory notes, checks and atypical negotiable instruments, such as, for instance, securities issued by corporations or bills linked to contracts of carriage. In her dissertation, which was strongly appreciated by the Board of Professors of the PhD program, F.C. Villata has pointed out, together with other aspects, the interaction between the scope of application of Art 59, that of Art 25 on the individuation of the lex societatis as well as that of Art 1 § 2 litt c of the Convention of Rome of 19 June 1980 on the law applicable to contractual obligations. She has detected in the profile of the negotiable character the discerning feature of the issues which may be traced back to one or the other of the mentioned provisions in case of bills issued by corporations and her dissertation has brought F.C. Villata to obtaining her PhD academic title on January 12, 2000 (see enclosed document).
Both the research profiles mentioned above have been further developed and addressed to in her monographic volume first published in its provisional version in 2005 and later additionally developed in its final version published in 2008 and devoted to financial instruments in private international law. Such monographic work moves from the consideration of the inadequacy of the traditional spacial categories and connecting factors to identify the law applicable to a legal issue, such as the one of financial instruments, currently lacking a substantive representation (a substantive foundation) and meant to move about an environment, namely the one of the financial markets or of the international financial market, which go beyond the State borders, often fading in the parallel world of the internet exchange and communication system.

In her book F.C. Villata has, for the first time in the Italian scholarly environment, rebuilt the issue of financial instruments and their negotiation within the systematic categories of private international law. She has analyzed the relevant EC provisions, their transposition in the different Member States and the domestic conflict-of-laws rules concerning financial instruments and has traced them back to an unitary framework, integrating the technical-theoretic private-international-law instruments with the technical-legislative instruments concerning the creation of the European internal market as well as the freedoms of movement guaranteed by the EC Treaty and the instruments obtained through the comparison with the US financial markets law.

Chapter One “Coordinates of the Research” deals with: 1. The “Environment” of Financial Instruments: The Financial Market (or the Financial Markets). 2. The So-Called Internationalisation of Financial Markets. 3. Timeliness of the Evaluation of the Financial Markets Law from a Conflict-of-Laws Perspective. 4. The Analyzed Legal Conceptual Category: From “Securities” to “Financial Instruments”. Legal and Economic Relevance. Chapter Two - Characterization of Financial Instruments deals with: 1. The Need to Set the Concept of “Financial Instruments” in Order to Track Them to the Current Conflict-Of-Laws Rules. 2. The Notion Inferred in Light of the Secondary Community Law and Art 1 of the Rome Convention of 19 June 1980. Construing Criteria. 3. Financial Instruments in the Italian Law on Financial Intermediation. 4. Financial Contractual Instruments. Inapplicability of the Rome Convention of 19 June 1980 to the Profiles Concerning the Negotiable Character. Alternative Options. 5. Tendential Traceability to Art 59, Alinea 3 of Law 31 May 1995 No 218. Consistency with the Subject-Matter of Dematerialized Financial Instruments. Chapter Three - Lex Tituli v Lex Societatis v Lex Contractus deals with: 1. The Law Applicable to the “Other Bills of Exchange” under Art 59, Alinea 3 of Law 31 May 1995 No 218. The Connecting Factor of the Place of Issue. 2. The Law Applicable to the Main Obligation. Overlapping Issues with the Conceptual Category of the Bills of Exchange. Substance and Form. Loss, Theft, Destruction of the Bill. Capacity of Issuing and Capacity of Purchasing. 3. (continues) The Fulfilment of Pecuniary Obligations. Monetary Profiles. Compensation and Regulation. 4. Profiles Governed by the Lex Societatis. Differences between Financial Rights and Corporation Rights. Issues Concerning Stocks and the Possible Existence of a Group of Undertakings. Outlines Regarding Bonds. 5. Interaction with the Lex Contractus. The Action of Issuing a Share. (Possible) Relevance of the Optio Legis. 6. (continues) The Law Governing Shareholders’ Agreements. 7. The Law Applicable to the Obligations Other than the Main Obligation. Independent Character of Securities. Recourse Obligations on Securities Issued by Undertakings. Chapter Four - The Law Governing Property Rights on Financial Instruments deals with: 1.General Outlines. The So-Called statut réel. 2. The Law Governing Property Rights on Securities. The Determination of the Situs Rei for the Immobilized and Possibly Dematerialized Securities. 3. (continues) The Macmillian Inc. Case: The Place of the Shares Registry. Concurrency with the Lex Incorporationis. 4. (continues) The Connecting Factor Adopted in the Directives 98/26/EC and 2002/47/EC in Order to Identify the Law Applicable to Warranties on Financial Instruments: The Place of Relevant Intermediary Approach. 5. Rules That (Apparently) Allow the Optio Legis. 6. Lex rei sitae v lex concursus. 7. Lex rei sitae v lex societatis. Chapter Five - Negotiation in Financial Markets and Applicable Law deals with: 1. Public and Private Features in the Financial Market System. 2. The Law of the “Market State”. 3. Information Duties Linked to the Negotiation on Regulated Markets. Possible Law-Making Solutions. 4. The Principle of the State of Origin applied to the Prospectus for the Admission to Trading under Directive 2003/71/EC, to the Transparency Requirements in Relation to Information under Directive 2004/109/EC and to the Prospectus Relating to Takeover Bids. 5. The Law Governing the Offer of Financial Instruments and Takeover Bids. Choice-of-Law Profiles in Directive 2004/25/EC. 6. The Law Applicable to Torts in the Negotiation of Financial Instruments. The So-Called Prospectus Liability. 7. (continues) The Insider Dealing: Confidentiality Obligations and Abuses in Activity on Financial Instruments Traded on Regulated Markets. Chapter Six - Boundaries to the Application of the Foreign Law deals with: 1. Positive - Anticipating Limits: The Overriding Mandatory Provisions of the Forum. Relevant Provisions in the Regulation of Financial Instruments in the Italian System. 2. (continues) EC Overriding Mandatory Provisions. 3. (continues) Overriding Mandatory Rules Provided by Systems Other than That of the Forum and of the Lex Causae. 4. (continues) Conflicts between Overriding Mandatory Provisions. Possible Mechanisms of Coordination. Trends Originating from the Comparison between the Solution under Art 19 of the Law Reforming the Italian System of Private International Law and under the Restatement 3rd of the Foreign Relations Law of the U.S. The Strength of the Link with the Laws that “Require to be Applied” and the Evaluation of the Interests Protected by the Conflicting Rules. 5. (continues) Substantial Relevant Interests in the Regulation of Financial Instruments. 6. Negative - Subsequent Limits. The International Public Policy of the Forum. Significance of the EC Principles in such a Perspective. 7. (continues) The So-Called EC Compatibility Test. The “Internal Market” Clause as a Protection Device of the System. International Mechanisms of Coordination.
The issue of the law applicable to the negotiation of financial instruments has been further developed through the analysis of the relevant provisions of EC Regulation No 593/2008 of 17 June 2008 on the law applicable to contractual obligations (Rome I). The conclusions of such study have been presented in several publications in 2009 as well as in a paper on “Contracts on financial instruments”, at the Conference on “La nuova disciplina comunitaria della legge applicabile alle obbligazioni contrattuali (Roma I)” [“The New EC Law on the Law Applicable to Contractual Obligations (Rome I)”], Università Ca’ Foscari Venezia.
In recognition of her studies and scientific activity in the field of private and procedural international law, as of January 2006 F.C. Villata is Assistant Editor of the “Rivista di diritto internazionale privato e processuale”, Cedam (Padua).

She has also devoted further studies to the issue of jurisdiction in civil and commercial disputes (contractual obligations, disputes concerning the activity of a company branch, trust), as well as to several EC law issues concerning the freedom of movement and protection of competition.

Current Position:
As of October 2006: Associate Professor of Private International Law and International Law of Financial Markets, School of Political Science, University of Milan
As of October 2007: charged with Jean Monnet European Module - “Internal Market and EC Private International Law” - REF. 07/0055
As of January 2002: member of the editorial staff of the “Rivista di diritto internazionale privato e processuale”, Cedam (Padua)
As of January 2006: Assistant Editor of the “Rivista di diritto internazionale privato e processuale”, Cedam (Padua)

Formerly:
2002-Sept. 2006: Research Assistant at the International Studies Department, School of Political Science, University of Milan.
2005-2008: Charged with the Course of Private International Family Law, Inter-School Course of Linguistic Mediation, University of Milan.
2000-2001: Charged with the Integrative Course of International Commercial Law, University of Milan-Bicocca.
Held lessons in the “Master in Planning and Management of Transportation Logistic Systems" C.I.E.L.I. Centro Italiano di Eccellenza sulla Logistica Integrata Via Bensa, 1, 16124 Genova (2007-2008) and in the “Master in diritto dei mercati finanziari” (Master on Financial Markets), School of Law, University of Milan (2002-2004); held seminars on “The Weak party protection in private and civil procedure international law” within the Specialistic Degree Course in International Relations, School of Political Science, University of Milan (2004-2005); held lessons on international contracts and carried out organizational tasks in “Master in diritto e finanza degli scambi internazionali” (Master on Law and Finance of International Commerce), School of Political Science, University of Milan, (2001-2004); held lessons in the “Master in diritto comunitario della concorrenza e dei contratti” (Master on EC Competition and Contracts Law), School of Law, University of Milan-Bicocca, financed by European Social Fund, coordinator Prof. S. Bariatti (1999-2004); held lessons on Private International Law in the “Ginnasio di pratica forense”, University of Milan (1999-2001); held lessons in the “Corso di formazione per legali d’impresa con competenze specifiche nei metodi di risoluzione delle controversie commerciali alternativi alla giustizia ordinaria”, managed by ISDACI and financed by European Social Fund, Italian Ministry of Welfare and Regione Lombardia and the Master “I contratti internazionali,” (International Contracts) managed by SDA, Bocconi University (2000); held lessons in the “Master in Economia d’Impresa - Public Utilities”, School of Economics, University of Milan-Bicocca, financed by European Social Fund, Italian Ministry of Welfare and Regione Lombardia, on EC Competition Law, with specific reference to public utilities (1999) and in the Master “Esperto di management internazionale”, Libero Istituto Universitario Carlo Cattaneo, Castellanza (Varese) (1997)
2001: Research fellow at International Law Institute, School of Law, University of Milan.
2000: Ph.D. in International Law, University of Milan, defending a dissertation on “Negotiable Instruments and Private International Law”.
2000-2001: member of the editorial staff of “Studium Oeconomiae”, Cedam (Padua).
1998: Admitted to the Italian Bar
1995: Law Degree, 110/110 summa cum laude.

Funded Research Projects
As Coordinator:
2007-: Jean Monnet European Module - “Internal Market and EC Private International Law” - REF. 07/0055
2008: PUR Project on “The Scope of EC Regulation Rome I on the law applicable to contractual obligations” International Studies Department, University of Milan.
2007: FIRST Project on ”Internal market and Private International Law” International Studies Department, University of Milan.
2006: FIRST Project on “Recent Developments in EC Private International Law”, International Studies Department, University of Milan.
2005: FIRST Project on “Conflicts of Laws in International Financial Markets”, International Studies Department, University of Milan.
2004: FIRST Project on “Conflicts of Jurisdiction and conflicts of Laws in International Financial Markets”, International Studies Department, University of Milan.
2003: FIRST Project on “Jurisdiction and Applicable Law in International Commercial Disputes”, International Studies Department, University of Milan.
1999: Junior Researcher Program (Prot. S/03410 - 10.03.1999) on “Recent Developments in International Commercial Law”, International Law Institute, University of Milan.

As Member:
- Italian Ministry of University and Research – COFIN 2006 – prot. 2006123971_001 “Conflict of laws in matters concerning companies and legal persons and freedom of movement”, local unit of research coordinated by Prof. S. Bariatti
- Italian Ministry of University and Research – COFIN 2003 - prot. 2003129003_001 “Italian and EC Civil Proceedings Rules on Transnational Disputes Concerning Corporations”, local unit coordinated by Prof. R. Clerici in the framework of the national research program prot. 2003129003 dal titolo “La dimensione transnazionale delle società tra diritto comunitario e riforma del codice civile”,: coordinated by Prof. R. Clerici;
- Italian Ministry of University and Research – COFIN 2001 - prot. 2001124933_001 “Communutarization of Private International Law” , local unit of research coordinated by Prof. R. Clerici in the framework of the national research program prot. 2001124933 coordinated by Prof. R. Clerici:
- FIRST 2006: “EU Enlargement and Private International Law”. International Law Institute, University of Milan, coordinated by Prof. F. Pocar.
- FIRST 2005: “New Private International Law Instruments concerning Maintenance Obligations: A Comparison between EC Rules and International Treaties”, International Law Institute, University of Milan, coordinated by Prof. F. Pocar.
- FIRST 2001: “EC Rules on Matrimonial Disputes”, Department of International Studies, University of Milan, coordinated by Prof. R. Clerici;
- FIRST 2002: “Conflicts of Law Rules on Port and Carriage Services”, Department of International Studies , University of Milan, coordinated by Prof. R. Clerici;
- FIRST 2003: “The Law Applicable to Transnational Contracts of Employment”, Department of International Studies , University of Milan, coordinated by Prof. R. Clerici;
- FIRST 2004: “The Law Applicable to transnational Marriages”, Department of International Studies , University of Milan, coordinated by Prof. R. Clerici;
- Ex MURST 60 % 2000: “Recent Trends in International Trade Law”, International Law Institut, University of Milan, coordinated by Prof. A. Santa Maria;
- FIRST 2004-2001: “International Trade Law”, International Law Institut, University of Milan, coordinated by Prof. A. Santa Maria;
- EX-M.U.R.S.T. 60 % Anno 2000: “Financial Markets Reform and Investor Protection under EC Directives and so-called Draghi Act of 1998”, University of Milan-Bicocca, coordinated by Prof. C. Biscaretti di Ruffìa;
- F.A.R. 2004-2001: “International Trade Law”, University of Milan-Bicocca, coordinated by Prof. C. Biscaretti di Ruffìa.

1(c) Early Achievement-Track-Record (max 2 pages)

Publications (as single Author):
F.C. VILLATA, La legge applicabile ai "contratti dei mercati regolamentati" nel regolamento Roma I [The Law Applicable to “Contracts in Regulated Markets” in the Rome I Regulation], in Nuovi strumenti del diritto internazionale privato. New Instruments of Private International Law. Nouveaux Instruments du droit International privé. Liber Fausto Pocar, Giuffrè (Milano), 2009, p. 967 ff.
F.C. VILLATA, La legge applicabile alla negoziazione di strumenti finanziari nel regolamento Roma I [The Law Applicable to the Negotiation of Financial Instruments in the Rome I Regulation], in Nerina Boschiero (a cura di), La nuova disciplina della legge applicabile ai contratti (Roma I), Giappichelli (Torino), 2009, p. 417 ff.
F.C. VILLATA, Può uno "hobbit" portare l'Anello sul Monte Fato? Lo statuto della Società europea alla prova [Can a Hobbit Carry the Ring on Mount Doom?], in Giuseppe Conte (ed.), La responsabilità sociale dell'impresa, Laterza (Bari), 2008, p. 161 ff.
F.C. VILLATA, Gli strumenti finanziari nel diritto internazionale privato [Financial Instruments in Private International Law], CEDAM (Padua), 2008 (final version);
F.C. VILLATA, Remarks, in The External Competence of the European Union and Private International Law. The EC Court’s Opinion on the Lugano Convention. Proceedings of the Round Table held at Milan University on 16 September 2006, Edited by Fausto Pocar, Cedam (Padua), 2007;
F.C. VILLATA, Note on ECJ, case C-106/03, 13 July 2006, Reisch Montage, in Guida al diritto, 2006, 9;
F.C. VILLATA, Gli strumenti finanziari nel diritto internazionale privato [Financial Instruments in Private International Law], CEDAM (Padua), 2005 (provisional version);
F.C. VILLATA, Societas Europaea (SE), diritto internazionale privato e tutela degli stakeholders [Societas Europaea (SE), Private International Law and Stakeholders Protection], in Rivista di diritto internazionale privato e processuale, 3, 2004, p. 901 ff.;
F.C. VILLATA, Onorari professionali, giurisdizione italiana e convenzione di Lugano del 16 settembre 1988 [Lawyers’ Fees, Italian Jurisdiction and the Lugano Convention of 16 September 1988], in Rivista di diritto internazionale privato e processuale, 3, 2002, p. 665 ff.;
F.C. VILLATA, Giurisdizione italiana e “garanzie” bancarie internazionali tra vecchia e nuova disciplina processuale [Italian Jurisdiction and International Bank “Guarantees” between Old and New Procedure Law], in I contratti, 7, 2001;
F.C. VILLATA, Spunti di riflessione a margine di una recente giurisprudenza onoraria in tema di fusione internazionale [A Few Remarks on the Recent Honorary Case-Law on International Mergers], in Diritto del commercio internazionale, 1, 2001, p. 77 ff.;
F.C. VILLATA, Note on ECJ, case C-443/98, 26 September 2000, Unilever Italia SpA / Central Food SpA. in Osservatorio comunitario e internazionale, in Studium Oeconomiae, 6, 2000;
F.C. VILLATA, Note on ECJ, case C-208/98, 23 March 2000, Berliner Kindl Brauerei AG / Andreas Siepert, in Osservatorio comunitario e internazionale, in Studium Oeconomiae, 5, 2000;
F.C. VILLATA, Note on ECJ, case C-373/97, 23 March 2000, Dionysios Diamantis / Elliniko Dimosio, Organismos Oikonomikis Anasygkrotisis Epicheiriseon AE (OAE), in Osservatorio comunitario e internazionale, in Studium Oeconomiae, 4, 2000;
F.C. VILLATA, Note on Court of First Instance, case T-241/97, 17 February 2000, Stork Amsterdam BV / Commission, in Osservatorio comunitario e internazionale, in Studium Oeconomiae, 3, 2000;
F.C. VILLATA, Note on ECJ, case C-220/98, 13 January 2000, Estée Lauder Cosmetics GmbH & Co. OHG / Lancaster Group GmbH, in Osservatorio comunitario e internazionale, in Studium Oeconomiae, 3, 2000;
F.C. VILLATA, Note on ECJ, case C-254/98, 13 January 2000, Schutzverband gegen unlauteren Wettbewerb / TK-Heimdienst Sass GmbH, in Osservatorio comunitario e internazionale, in Studium Oeconomiae, 3, 2000;

Collaborations to Publications
- member of the editorial staff of the following publications:
Nuovi strumenti del diritto internazionale privato. New Instruments of Private International Law. Nouveaux Instruments du droit International privé. Liber Fausto Pocar, Giuffrè, 2009;
Diritti individuali e giustizia internazionale. Individual Rights and International Justice. Droits individuels et justice internazionale. Liber Fausto Pocar, Giuffrè, 2009.
- “Legge di riforma del diritto internazionale privato e testi collegati” 6th Ed., edited by Roberta Clerici, Franco Mosconi, Fausto Pocar, in collaboration with Francesca Villata, Giuffré (Milan), 2009;
- “Legge di riforma del diritto internazionale privato e testi collegati” 5th Ed., edited by Roberta Clerici, Franco Mosconi, Fausto Pocar, in collaboration with Francesca Villata, Giuffré (Milan), 2007.
- “Codice di diritto internazionale pubblico” 4th ed., edited by Riccardo Luzzatto and Fausto Pocar, in collaboration with Marina Franchi and Francesca Villata, Giappichelli (Torino), 2006;
- “Codice di diritto internazionale pubblico” 3rd ed., edited by Riccardo Luzzatto and Fausto Pocar, in collabation with Marina Franchi and Francesca Villata, Giappichelli (Torino), 2003;
- “Legge di riforma del diritto internazionale privato e testi collegati” 4th Ed., edited by Roberta Clerici, Franco Mosconi, Fausto Pocar, in collaboration with Francesca Villata, Giuffré (Milan), 2002;
- “Codice di diritto internazionale pubblico” 2nd ed., edited by Riccardo Luzzatto and Fausto Pocar, in collabation with Marina Franchi and Francesca Villata, Giappichelli (Torino), 2001;
- “Codice di diritto internazionale pubblico” edited by Riccardo Luzzatto and Fausto Pocar, in collaboration with Marina Franchi and Francesca Villata, Giappichelli (Torino), 1998;

Conferences and Symposia
9 March 2009: Invited speaker on “Council Regulation No 44/2001 on Jurisdiction and the Recognition and Enforcement of Judgments in Civil and Commercial Matters (Brussels I)” at the conference “La giustizia civile in Europa. Lineen evolutive” [“Civil Justice in Europe. Developing Outlines”], organized by the Fondazione Forense e dall’Ordine degli Avvocati di Monza at the University of Milan-Bicocca
28 November 2008: Intervention on “Contracts on financial instruments”, at the Conference on “La nuova disciplina comunitaria della legge applicabile alle obbligazioni contrattuali (Roma I)” [“The New EC Law on the Law Applicable to Contractual Obligations (Rome I)”], Università Ca’ Foscari Venezia Ca’ Foscari - Aula Baratto
16 September 2006: Intervention at the Round Table “The External Competence of the European Union and Private International Law, The Court's Advisory Opinion on the Lugano Convention”, organized by the Istituto di Diritto Internazionale of Università degli Studi di Milano (in English)